A citizen walks past a screen at the Zhangjiang Hi-tech District Management Committee in Shanghai, east China, April 20, 2015. China on Monday announced master plans for pilot free trade zones (FTZ) in Guangdong, Tianjin and Fujian and a plan for deepening reform and opening up in the Shanghai FTZ. (Xinhua/Fang Zhe)
Three new free trade zones (FTZ) began official operation on Tuesday as China seeks to draw more international commerce.
The new zones were established 18 months after the first FTZ was unveiled in the financial hub Shanghai, which was designed to help streamline the overloaded administrative approval system and encourage innovation and internationalization.
Officials expect the new FTZs in Tianjin, Guangdong and Fujian will boost economic reform, promote trade and facilitate investment in new areas as the world's second largest economy moves away from an unsustainable export-dependent model.
Provincial-level officials attended the launching ceremony at the three zones Tuesday, when dozens of business licenses were ceremonially granted to registered enterprises.
Some businesses have already experienced the increased efficiency of working in the new zones.
Liu Qiya, the chief financial official with Tuwei Tongli Electrical Technology based in Xiamen, an open coastal city of Fujian, said his company was granted an operational license for the zone just three days after the application was submitted. The same procedure in other parts of the province could take weeks.
Antonio Fossanti, CEO of the Italian RDS, said the reason his retail company chose to operate in the Tianjin zone is the one-stop solution of problems concerning policy, customs, trade and marketing.
According to a detailed plan released on Monday, the new zones will be based on the Shanghai FTZ but catered to utilize their geographical locations.
By its first anniversary, the Shanghai zone had seen nearly 12,000 registered enterprises lured by a better trade and investment environment.
The Tianjin zone aims to better integrate the northern municipality with Beijing and Hebei Province. It will prioritize modern service industries, including shipping, culture and equipment manufacturing.
